Saudi Aramco CEO confirms IPO will have a secondary listing

Saudi Aramco CEO confirms IPO will have a secondary listing

The initial public offering (IPO) of the world’s biggest oil company will take place whenever shareholders decide, according to the firm’s CEO and president.

“What we have always said is that Aramco is ready for listing whenever the shareholders make a decision to list,” Aramco President and CEO Amin Nasser told reporters in Abu Dhabi on Tuesday.

“And as you heard from His Royal Highness Prince Abdulaziz yesterday, it is going to be very soon. So, we are ready — that is the bottom line.”

The oil giant has delayed its IPO, originally scheduled for 2018, reportedly over Saudi concerns about public scrutiny over its finances and because of the complexity of its corporate structure.

“The primary listing is to list locally but we are ready also for listing outside in other districts,” Nasser said.

When asked whether he would prefer to see Aramco list in Tokyo, Japan, he replied: “We are ready to list wherever shareholders decide.”

Amin Nasser, CEO of Aramco speaking at the 2018 IHS CERAWeek in Houston, TX.

Mary Catherine Wellons | CNBC

Speaking on Monday, new Saudi Energy Minister Prince Abdulaziz bin Salman underlined the importance of regulation for Saudi Aramco, as it gears up for a long-anticipated IPO.

“I have no doubt in my mind that emphasizing the separation between Aramco, the corporate, and the ministry as regulator is a must,” he told CNBC contributor Helima Croft at an audience of delegates.

“The regulator cannot be a person, the regulator has to be an institution. That regulator role has to be defined, and the contours of the role of the regulator has to be understood,” he added.